Subsidy: N5000 Transport Grant Not Captured In 2022 Budget – Senate

As the media space has continued to be awash with news that the Federal Government will remove petroleum subsidy halfway into next year, the Senate Committee on Finance has disclosed that the N5000 transport grant for 40 million poor Nigerians has not been captured in the year 2022 budget under consideration. The Minister of Finance, Budget and National Planning, Zainab Ahmed had made some revelation that the Federal Government is planning to pay a token of N5000 as palliatives to cushion the hardship that will come with the removal of fuel subsidy.

EFCC Returns Kogi Salary Bail-Out Funds

The Economic and Financial Crimes Commission (EFCC) has returned the N19.33 billion Kogi State bailout funds to the Central Bank of Nigeria (CBN). Wilson Uwujaren, EFCC’s Media Head disclosed that the CBN has confirmed the receipt of the funds. EFCC had earlier alleged that the sum was deposited in an interest yielding account by the Kogi State government officials domiciled in Sterling bank. The Commission moved a motion for the interim forfeiture of the funds to prevent further dissipation of the funds in the account.

Nigeria Air To Commence Operation April 2022 - Aviation Minister

The Federal Executive Council (FEC) has approved April 2022 as the official date for the commencement of the operations of much-awaited Nigeria Air. The Minister of Aviation, Hadi Sirika, revealed this when he along with Ministers of Transportation, and Finance, Budget and National Planning, Rotimi Amaechi and Zainab Ahmed, respectively, briefed State House correspondents on the outcome of the FEC meeting. The minister revealed that the national carrier will be run by a company in which the Nigerian government will hold a 5% stake, Nigerian entrepreneurs holding 46%, while the remaining 49% will be reserved for yet-to-be assigned strategic equity partners, including foreign investors.

FG Announces Bailout Funds Worth N656Bn For 36 States

The Federal Government (FG) has announced that the sum of N656 billion would serve as bailout funds to the 36 states of the country, with each state projected to receive N18.2Billion. The special bailout fund is called Bridge Financing Facility which was approved by President Muhammadu Buhari to assist states in meeting their financial obligations. This was disclosed in a statement on Thursday by the Senior Special Assistant to the Vice President on Media and Publicity, Laolu Akande.

President Buhari Suspends Inauguration Of NNPC Board

President Muhammadu Buhari has directed the immediate suspension of the inauguration of the newly constituted board of the Nigerian National Petroleum Company (NNPC) Limited. The Secretary to the Government of the Federation, Mr. Boss Mustapha, announced this yesterday in a statement, titled ‘Suspension of Inauguration of Newly Constituted Board of NNPC LTD.’ The inauguration was scheduled to hold on Wednesday but has now been on hold till further notice. Mr. Mustapha however declined to state the reason for the postponement. “President Muhammadu Buhari has directed the immediate suspension of the inauguration of the newly constituted Board of the Nigerian National Petroleum Company Limited (NNPC) scheduled for Wednesday 24th November 2021 until further notice.”

IMF: CBN Needs To Manage Risks Associated With e-Naira

The International Monetary Fund (IMF) said the Central Bank of Nigeria (CBN) should monitor operational risks associated with the recently launched digital currency, e-Naira. This was disclosed in a report by the IMF titled: 'Country Focus; Five Observations on Nigeria's Central Bank Digital Currency.'

Crude Oil: United States, China, United Kingdom, Others Taps Into Reserves

The United States, China, United Kingdom, India, South Korea and Japan have now deep their hands into their individual strategic oil reserves as a way of cooling the rise in prices and also controlling inflation. In response to this development, the International Energy Agency (IEA), which monitors global oil supplies on behalf of the world's leading economies, said it respected the decisions made by the biggest energy-consuming nations.

FG To Investigate Money Lending Industry For Illegal Practices, Others

The Federal Government (FG) is set to investigate some illegal and unfair practices currently plaguing the money lending industry. According to reports, The Federal Competition and Consumer Protection Commission (FCCPC), the Central Bank of Nigeria (CBN), and the Economic and Financial Crimes Commission (EFCC) have already commenced investigations regarding rights violations in the money lending industry. The Independent Corrupt Practices Commission (ICPC) and the National Information Technology Development Agency (NITDA) are also involved in the probe of the money lending sector.

IMF Advises FG To Remove Fuel, Electricity Subsidies In 2022

The International Monetary Fund (IMF) has advised the Federal Government (FG) to completely remove fuel and electrical subsidies early next year and instead focus on implementing revenue-based fiscal consolidation. This was disclosed in a statement at the end of IMF’s 2021 Article IV Mission. The statement reads, “On the immediate front, fiscal and external imbalances require removal of regressive fuel and electricity subsidies, tax administration reforms, and installing a fully unified market-clearing exchange rate.

FG Opens Portal For National Housing Programme

The Federal Government (FG) has officially launched an online platform for the sale of completed houses under the National Housing Programme (NHP). This was disclosed at the portal’s launch on Friday in Abuja, by the Minister of Works and Housing, Babatunde Fashola who stated that the portal is available in 34 states and the Federal Capital Territory (FCT). According to reports, Rivers State is scheduled to join phase three of the project while Lagos State is yet to provide land for the housing scheme.